It's a great feeling when we manage to learn something by watching content. This happened while watching a live stream about business, where a phrase about "entrepreneurial goals" made me relearn about the concept of niches, through an insight from the conversation. Check it out!
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Re-learning about Entrepreneurship and Niches!
It's common nowadays that much of the content we watch ends up adding almost nothing to our lives to the point of making us reflect on something. That's why it's so good when you watch something and it makes you think and reconsider some aspect of life. This week I was watching a live stream about business and I managed to extract some great insights and other perspectives on the subject, which I believe will help me re-learn about the topic of Business and about a fundamental part of it, which are Market Niches!
The first insight is quite simple, but in this world of infinite information, if you don't pay attention, even simple information is forgotten, and since it's the basis for everything else, it complicates things a lot. The insight is this: "The goal of every entrepreneur is to create a business that has three characteristics: it's scalable, profitable, and generates a positive impact on society, which are the business's stakeholders.
Simple, isn't it? I believe that anyone seeking to create a business would look for these three characteristics – scalability, profitability, and positive impact. But if it's so simple and easy to understand, why is it so difficult to apply? Once again, the reason is the excess of information; so much news, so many useless curiosities and memes arrive that the brain cannot differentiate what matters from what doesn't.
What is the best niche? Small and Large Niches!
Now you might be wondering: What do these 3 characteristics have to do with niche? This is precisely where the insight begins to make sense. Anyone who has ever thought about talking about a certain subject on the internet has probably come across the concept of a market niche, which would be to take a market and "niche" it, that is, to "zoom in" and talk about something more specific. It is said that this is a great strategy because you will have more engagement with your audience, but is that really so good?
Now we must consider the The first characteristic is "scalability." If you start with a niche and focus only on that specific niche—for example, talking about pets, but actually talking about fish, but in reality, about a specific freshwater fish from a region—your audience will be extremely restricted to those who like that specific topic. The same will happen if the niche is a little larger, because when we think long-term and that you will grow your business a lot, a small group will end up limiting you, because when you reach everyone interested in that niche, it's over.
Therefore, instead of thinking small and restricted by a niche with few interested people, look for one that has a greater possibility of growth, so that you want to grow. Furthermore, however good your intentions may be, sometimes it can be detrimental depending on the topic you address, so consider a niche that will help people and not harm them. And of course, every business needs to generate revenue to stay alive, so analyze the market and see how other future competitors are currently doing and ask yourself if they are able to maintain themselves sustainably.
